Impeachment threat looms over Argentina's Milei – media
The president promoted a cryptocurrency token designed to assist small businesses but distanced himself from the initiative following the collapse of the LIBRA coin. Read Full Article at RT.com
TroibNews 
Argentina’s opposition lawmakers have threatened to pursue impeachment proceedings against President Javier Milei following his promotion of a controversial cryptocurrency, as reported by Reuters on Sunday. The president had endorsed the token, which subsequently crashed.
On Friday, the libertarian leader recommended the LIBRA crypto coin in a post on X. The value of the token surged to nearly $5 immediately after the endorsement but fell to under $1 just hours later. Milei retracted his initial post five hours later, stating he was “not aware of the details of the project.”
This incident has sparked allegations of misconduct from opposition lawmakers. Leandro Santoro, a member of the opposition coalition, criticized Milei’s actions, claiming that his support for the crypto—linked to potential scams—constituted an abuse of public trust.
“This scandal, which embarrasses us on an international scale, requires us to launch an impeachment request against the president,” Santoro said, as cited by Reuters.
The news agency mentioned that Argentina’s fintech chamber acknowledged the risk of a "rug pull," a type of foul play where developers attract legitimate investments to inflate a currency’s value before abandoning it.
On Saturday, Milei noted, as reported by Bloomberg, that he had met with KIP Protocol, the company behind the controversial token, months prior as part of his administration’s broader strategy to stimulate the economy through investment. The company’s website features a photo of its co-founder alongside the Argentine president, giving a thumbs-up, dated October 30, 2024. The token's name might allude to Milei’s political party, La Libertad Avanza, or his libertarian heritage as an economist.
Simultaneously, the company distanced itself from the LIBRA token launch, stating in a post on X that “market making was fully handled by KelsierVentures” and asserting that KIP Protocol “did not profit a single cent from today’s activity.”
Since taking office in 2023, Milei has enacted drastic measures to stabilize the economy, including a 52% devaluation of the national currency, the dismissal of over 33,000 public sector employees, and significant cuts to state transport, fuel, and energy subsidies. Earlier this year, he announced that he had fulfilled his promise to achieve a zero budget deficit after the economy ministry reported an annual budget surplus of 1.76 trillion pesos, the first in over a decade.
Mark B Thomas contributed to this report for TROIB News
On Friday, the libertarian leader recommended the LIBRA crypto coin in a post on X. The value of the token surged to nearly $5 immediately after the endorsement but fell to under $1 just hours later. Milei retracted his initial post five hours later, stating he was “not aware of the details of the project.”
This incident has sparked allegations of misconduct from opposition lawmakers. Leandro Santoro, a member of the opposition coalition, criticized Milei’s actions, claiming that his support for the crypto—linked to potential scams—constituted an abuse of public trust.
“This scandal, which embarrasses us on an international scale, requires us to launch an impeachment request against the president,” Santoro said, as cited by Reuters.
The news agency mentioned that Argentina’s fintech chamber acknowledged the risk of a "rug pull," a type of foul play where developers attract legitimate investments to inflate a currency’s value before abandoning it.
On Saturday, Milei noted, as reported by Bloomberg, that he had met with KIP Protocol, the company behind the controversial token, months prior as part of his administration’s broader strategy to stimulate the economy through investment. The company’s website features a photo of its co-founder alongside the Argentine president, giving a thumbs-up, dated October 30, 2024. The token's name might allude to Milei’s political party, La Libertad Avanza, or his libertarian heritage as an economist.
Simultaneously, the company distanced itself from the LIBRA token launch, stating in a post on X that “market making was fully handled by KelsierVentures” and asserting that KIP Protocol “did not profit a single cent from today’s activity.”
Since taking office in 2023, Milei has enacted drastic measures to stabilize the economy, including a 52% devaluation of the national currency, the dismissal of over 33,000 public sector employees, and significant cuts to state transport, fuel, and energy subsidies. Earlier this year, he announced that he had fulfilled his promise to achieve a zero budget deficit after the economy ministry reported an annual budget surplus of 1.76 trillion pesos, the first in over a decade.
Mark B Thomas contributed to this report for TROIB News
